Here’s anotherinteresting tidbit from the daily Seth Godin blog (sethgodin.typepad.com): the two halves of the value fraction. I touched on this idea a few days ago when I was talking about the power of coupons, but I think it’s worth revisiting because it gets to the core of customer attraction and retention.
People are paying more attention to price these days; many can’t afford to do otherwise. However, what they’re looking for isn’t a cut-rate experience. They want value. One way to add value is, of course, to lower prices.
But, suggests Godin, it is equally, if not more, effective to increase the benefit portion of the equation. As business people, each of us brings something singular to the table. Share that spark with your clients. Consider what sets your company apart from its competitors … quality, quantity, service, expertise, variety, whatever it is. Then work hard to amplify and publicize those benefits to boost your market value as well as your market share.